Nifty Metal index surged 1.22%, the Nifty Realty index jumped 1.16% and the Nifty Auto index rose 1.01%.
Nifty Realty index skyrocketed 3.50% followed by Nifty IT index surging 1.72% and Nifty PSU Bank rallied 1.64%.
In opening trades, Sensex nosedived 698 points or 1.19% to 58,096 while Nifty was quoting at 17,338 plummeting 197 points or 1.13%.
Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Pharma indices lost upt0 0.52% in early trades.
While the 6.4% correction from the peak in Nifty has made the market healthy, the valuations continue to be high.
Most sectoral indices opened in the red on the NSE. Nifty Realty index was the top loser among sectoral indices down by 2.44%.
Market momentum has weakened recently and the market appears to be heading for a risk-off mode.
The surge in earnings has been led by financials, metals & mining and oil & gas.
Tata Steel, Sun Pharma, Nestle India, Kotak Mahindra Bank & Tech Mahindra were among the top gainers. While Powergrid & Bajaj Auto were the losers.
The market breadth was positive as shares 1,674 advanced while 721 declined and 96 remained unchanged.